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Mergers & Acquisitions
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January 06, 2025
Monthly Merger Review Snapshot
The Federal Trade Commission successfully blocked Kroger's purchase of Albertsons while continuing to battle with Tempur Sealy and its planned buy of Mattress Firm, and Novo Nordisk managed to finalize its purchase of Catalent. Here, Law360 takes a look at some of the major merger review developments from December.
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January 06, 2025
Teoxane Outbids Crown With New Revance Therapeutics Bid
Teoxane SA said Monday it has submitted a proposal to Revance Therapeutics Inc. to acquire the healthcare biotechnology company for $3.60 per share in cash, one-upping Revance's existing agreement to sell itself to skincare company Crown Laboratories Inc. for $3.10 per share in cash.
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January 06, 2025
FTC Blasts Tempur Sealy's New Floor-Space Promise
The Federal Trade Commission told a Texas federal court a revised commitment from Tempur Sealy to preserve floor space for rivals in Mattress Firm stores would not restore the competition lost by a merger of the companies because it cannot be enforced.
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January 06, 2025
KKR Pushes Fuji Soft To Pursue Legal Action Against Bain
Private equity giant KKR called on the board of Fuji Soft on Monday to take legal action against Bain Capital amid a bidding war for the company between the two competing investors, arguing that Bain's unauthorized use of confidential information and breach of its nondisclosure agreement "significantly jeopardizes" the reputation of private equity funds in Japan.
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January 06, 2025
Akoustis Says Ch. 11 Plan Handles IP Injunction Concerns
Radio frequency filter venture Akoustis Technologies Inc. has accused judgment creditor Qorvo Inc. of seeking to scuttle Akoustis' Chapter 11 stalking-horse sale in Delaware for competitive reasons beyond Qorvo's $38 million patent infringement judgment.
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January 06, 2025
Paul Hastings, Cravath Steer Pork Giant Smithfield's IPO Filing
Pork producer Smithfield Foods Inc. on Monday submitted the year's first filing for an initial public offering, part of a spinoff from China's WH Group Ltd., represented by Paul Hastings LLP and underwriters' counsel Cravath Swaine & Moore LLP.
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January 06, 2025
Olshan Frome, Ellenoff Grossman Guide Gun Biz SPAC Deal
Online firearm retailer GrabAGun, advised by Olshan Frome Wolosky LLP, announced plans on Monday to go public through a $150 million merger with special purpose acquisition company Colombier II, led by Ellenoff Grossman & Schole LLP.
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January 06, 2025
Disney Buy Ends Fubo Sports Streaming Suit
Disney and Fubo announced a deal Monday morning to combine the streaming startup with Disney's Hulu + Live TV business, in an agreement that ends Fubo's lawsuit that had so far successfully challenged a three-way live sports streaming joint venture between Disney's ESPN, Fox and Warner Bros. Discovery.
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January 06, 2025
Nippon, US Steel Hit Back With Suits After Biden Blocks Deal
Japan's Nippon Steel Corp. and U.S. Steel Corp. have filed two lawsuits following President Joe Biden's Friday decision to block their planned $14.9 billion merger, claiming Monday that the deal was blocked for "purely political reasons."
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January 06, 2025
Diversified Energy Buys Appalachian Gas Assets For $45M
Diversified Energy Company PLC said on Monday it has acquired natural gas assets in Virginia, West Virginia and Alabama for $45 million from Summit Natural Resources, another operator based in the U.S.
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January 03, 2025
Semiconductor Co. Beats 2nd Suit Over Failed $8B Merger
Semiconductor company MaxLinear Inc. has beaten another suit over its failed $8 billion merger plans with a Taiwan-based company after a California federal jurist found that the investment funds that brought the action didn't have standing to sue since they were investors in the acquisition target, not MaxLinear.
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January 03, 2025
DOJ Wants Oct. Amedisys Trial, UnitedHealth Wants Aug.
The U.S. Department of Justice sparred with UnitedHealth Group in a Maryland federal court filing Friday over when to hold a trial on the government challenge to the $3.3 billion purchase of home health and hospice services company Amedisys Inc.
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January 03, 2025
Del. Court Rules Against Insurers In Harman 'Bump-Up' Case
In a closely watched ruling on director and officer insurer denials of mergers and acquisitions cost "bump-up" payouts, a Delaware judge sided on Friday with Harman International Industries' claims that insurance providers unjustifiably denied coverage for a $28 million settlement of challenges to Harman's 2017 merger with Samsung Electronics America Inc.
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January 03, 2025
FTC Dems Eye Merger Review, Noncompete Legacy
Federal Trade Commission Democrats started the new year with legacy on the brain, urging the soon-to-be Republican majority in a pair of statements to preserve their more "stringent approach" to merger review and their currently blocked ban on employment noncompete agreements, despite heavy criticism both received from their GOP peers.
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January 03, 2025
Meta Wants Advertising Monopoly Suit Nixed
Meta said that a group of advertisers accusing the company of monopolizing the social media advertising market have nothing more than its profits to point to in their damages bid, writing in a new summary judgment motion that extensive discovery has only shown how baseless the suit is.
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January 03, 2025
Food Delivery App Inks $80M Deal To End SPAC Merger Suit
Investors suing mobile food delivery and ride-hailing services operator Grab Holdings Ltd. have asked a New York federal judge to preliminarily approve an $80 million deal to settle claims that several sections of a proxy statement Grab filed with a special purpose acquisition company were false and misleading.
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January 03, 2025
DE Shaw Rips Air Products' CEO Succession Plan Failure
Activist investment firm The D.E. Shaw Group on Friday slammed the board of directors of industrial gas supplier Air Products and Chemicals Inc., accusing it of failing to manage an effective CEO succession process, and called for a change in the board's composition and the retirement of the company's current CEO.
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January 03, 2025
Influencer Marketing Biz Later Buys Mavely In $250M Deal
Influencer marketing and social media management software services company Later on Friday announced plans to buy everyday influencer platform Mavely in a $250 million deal.
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January 03, 2025
Biden Blocks $14.9B US Steel-Nippon Deal
President Joe Biden on Friday formally blocked the planned $14.9 billion merger between Japan's Nippon Steel and U.S. Steel, making good on a prior pledge to keep the latter steelmaker U.S.-owned in one of his final flexes of executive power over cross-border deals.
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January 02, 2025
IBM And GlobalFoundries Settle Contract, Trade Secret Suits
IBM and semiconductor maker GlobalFoundries US Inc. have settled lawsuits lodged against each other in which IBM accused GlobalFoundries of breaching a $1.5 billion manufacturing deal, while GlobalFoundries accused IBM of unlawfully disclosing its confidential trade secrets, the companies announced Thursday.
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January 02, 2025
A-Rod's SPAC Deal Seeks Extra Innings, Plus More IPOs Filed
The period between Christmas Eve and Jan. 1 wasn't completely quiet on the capital markets deals front, with A-Rod's special purpose acquisition company seeking an extension to complete its merger and several new IPOs being filed. Here, Law360 looks at the capital markets news from the holiday break.
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January 02, 2025
Rep. Jordan Picks Wis. Lawmaker For House Antitrust Panel
Republicans are moving to install a frequent critic of President Joe Biden's Federal Trade Commission at the head of the House of Representatives' antitrust subcommittee, naming Rep. Scott Fitzgerald, R-Wis., to the post Tuesday.
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January 02, 2025
Tempur Sealy Ups Floor Space Promise In FTC Merger Case
Tempur Sealy is increasing its commitments to preserve floor space for rivals' mattresses in Mattress Firm stores, attempting to beat the Federal Trade Commission's merger challenge by extending the current floor space "slot" distribution after a Texas federal judge noted that prior commitments were below current allotments.
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January 02, 2025
Del. Courts Gavel Out 2024 With Fox, Opioid Case Rulings
2024 went out with a flurry of rulings in Delaware's corporate and commercial law courts, while the new year saw a Chancery veteran become that court's first senior magistrate. Here's a quick roundup of the latest news in First State courts.
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January 02, 2025
Thomson Reuters Bolsters Tax Ops With $600M SafeSend Buy
Thomson Reuters Corp. has acquired SafeSend, a cloud-based provider of technology for tax and accounting professionals, for $600 million in cash, the Toronto-based data and content conglomerate said in a statement Thursday.
Expert Analysis
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Antitrust in Retail: Handbag Ruling Won't Go Out Of Fashion
Although a New York federal court’s recent decision to enjoin a proposed $8.5 billion merger between the owners of Michael Kors and Coach applied noncontroversial antitrust interpretations, several notable aspects of the opinion stand out as likely candidates for further discussion in future merger litigation, say attorneys at Holland & Knight.
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Series
Gardening Makes Me A Better Lawyer
Beyond its practical and therapeutic benefits, gardening has bolstered important attributes that also apply to my litigation practice, including persistence, patience, grit and authenticity, says Christopher Viceconte at Gibbons.
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Takeaways From DOJ's Intervention On Pricing Algorithm Use
A recent U.S. Justice Department amicus brief arguing that a Nevada federal judge wrongly focused on the nonbinding aspect of software company Cendyn Group's pricing algorithm underscores the growing challenge of determining when, if ever, pricing algorithms are legal, say attorneys at Rule Garza.
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Equitable Mootness Insights From Greenlit Ch. 11 Plan Appeal
A Texas federal court recently allowed a challenge to ConvergeOne's Chapter 11 bankruptcy plan to proceed because it wouldn't disrupt the IT company's confirmed plan or harm creditors, reinforcing the importance of judicial restraint in applying equitable mootness where limited relief is possible, say attorneys at Parkins & Rubio.
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Litigation Inspiration: Reframing Document Review
For attorneys — new ones especially — there is much fulfillment to find in document review by reflecting on how important, interesting and pleasant it can be, says Bennett Rawicki at Hilgers Graben.
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Expect More State Scrutiny Of PE In Healthcare M&A
While a California bill that called for increased antitrust scrutiny of many healthcare private equity transactions was recently vetoed by the governor, state legislatures are likely to continue introducing similar laws, particularly if the Trump administration eases federal enforcement, say attorneys at Morgan Lewis.
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3 Changes Community Banks Should Expect Under Trump
A second Trump administration promises a sea change for regional and community banks, including shifts in the regulatory environment, Community Reinvestment Act rules and the M&A landscape, say attorneys at Manatt.
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How CFIUS' Updated Framework Affects Global Investors
The recent change to the monitoring and enforcement regulations governing the Committee on Foreign Investment in the United States will broaden administrative practices around nonnotified transaction investigations, increase the scope of information demands from the committee and accelerate its ability to impose mitigation on parties, say attorneys at Simpson Thacher.
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Service Providers Must Mitigate 'Secondary Target' Risks
A lawsuit recently filed in an Illinois federal court against marketing agency Publicis over its work for opioid manufacturers highlights an uptick in litigation against professional service providers hired by clients that engaged in alleged misconduct — so potential targets of such suits should be sure to conduct proper risk analysis and mitigation, say attorneys at Dechert.
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Opinion
FTC Actions In Oil Cases Go Against Its Own Rulemaking
Two recent Federal Trade Commission actions concerning the oil and gas industry appear to defy its own merger guidelines, with allegations that fall far short of the commission's own standard — raising serious questions about the agency's current approach, say attorneys at Clifford Chance.
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Series
Flying Makes Me A Better Lawyer
Achieving my childhood dream of flying airplanes made me a better lawyer — and a better person — because it taught me I can conquer difficult goals when I leave my comfort zone, focus on the demands of the moment and commit to honing my skills, says Ivy Cadle at Baker Donelson.
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Takeaways From Final Regulations For China Investment Ban
The U.S. Department of the Treasury’s final rule banning U.S. investment in emerging Chinese technology clarifies some key requirements, includes additional exceptions for covered transactions and attempts to address concerns that the rule will put U.S. businesses at a competitive disadvantage, say attorneys at Simpson Thacher.
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Series
Circus Arts Make Me A Better Lawyer
Performing circus arts has strengthened my ability to be more thoughtful, confident and grounded, all of which has enhanced my legal practice and allowed me to serve clients in a more meaningful way, says Bailey McGowan at Stinson.
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Recent Listeria Outbreaks Hold Key Compliance Lessons
Listeria outbreaks in ready-to-eat foods from Boar's Head and other companies, and the U.S. Department of Agriculture and U.S. Food and Drug Administration responses to these outbreaks, should be closely evaluated from an overall compliance and risk management perspective by food manufacturers, retailers and industry investors, say attorneys at Kirkland.
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3 Ways To Train Junior Lawyers In 30 Minutes Or Less
Today’s junior lawyers are experiencing a skills gap due to pandemic-era disruptions, but firms can help bring them up to speed by offering high-impact skill building content in bite-sized, interactive training sessions, say Stacey Schwartz at Katten, Diane Costigan at Winston & Strawn and Lauren Tierney at Freshfields.